Company registration number 12487672 (England and Wales)
LIGHTSPEED BROADBAND LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LIGHTSPEED BROADBAND LTD
COMPANY INFORMATION
Directors
Liam Hickey
Brett Edward Shepherd
Bradley Scott Berger
(Appointed 20 July 2023)
Courtney Michelle Conrad
(Appointed 20 July 2023)
Jeffery William Konnesky
(Appointed 20 July 2023)
Secretary
Harts Ltd Harts
Company number
12487672
Registered office
Fulney Hall
Holbeach Road
Spalding
Lincolnshire
PE12 6ER
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
National Westminster Bank Plc
135 Bishopsgate
London
EC2M 3UR
LIGHTSPEED BROADBAND LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
LIGHTSPEED BROADBAND LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
As shown in the company's profit and loss account set out on page 9, the company incurred a loss after tax of £7,233,144 (2022: £8,363,003).
The company's balance sheet on page 10 shows its net liabilities of £20,224,933 (2022: £12,991,789) and net current assets of £2,228,670 (2022: £3,000,498).
The directors considered the results at the year-end to be satisfactory and intend to pursue strategies that would enhance growth of the company and result in improved performance.
Principal risks and uncertainties
General
The principal risks and uncertainties are summarised below. These do not necessarily comprise all of the risks that are potentially faced by the Company and are not intended to be presented in any assumed order of priority. The Directors believe that in particular, readers of this report should be aware of these risks and uncertainties, and that the Directors take reasonable steps to mitigate and minimise the impact of the risks on the Company. However, these risks cannot be eliminated entirely without incurring costs that the Board considers to be excessive. If any of these risks and uncertainties, together with possible additional risks and uncertainties of which the Directors are currently unaware or which they consider not to be material in relation to the Company’s business, actually occur, the Company’s business, financial position or operating results could be materially and adversely affected.
Our relatively small size and length of operation in comparison to some competitors may be considered negatively by prospective customers who may wish to remain with an inferior service with an established brand name.
Our competitors may be able to offer products bundled with internet access such as on-demand, television style services or fixed/mobile telecoms that are more attractive to the consumer.
A key risk to any Company in the Full Fibre industry will stem from any Full Fibre overbuild that could arise from competitors. The Company has assessed overbuild risk based on consideration of Full Fibre operator build rates in the UK, likely investment strategies and known movements of market players, and likely broadband penetration levels. We conclude that the risk of overbuild is low but finite and is a key risk that must be considered.
Funding
The business activity of the Company requires significant capital investment. In the event that the Company will not be able to raise the financing required for the planned investment then the Company will have to reduce its planned investment or reduce the scale of its operations.
Inflation
In 2023 we have seen a marked increase in cost inflation arising from several supply side issues and the impact of the Cost-of-Living crisis. This resulted in supplier price increases across the board. Whole we note a marked reduction in the pace of inflation during the first half of 2024, although costs remain high.
Equipment Supply
The on-going events in Ukraine in 2023 and into 2024 continue to impact on the European electronics marketplace and a strained trading relationship between Europe and China is likely to continue to disrupt component supply chains. At the time of this document the impact of these has been felt in terms of longer order lead times.
The Company maintains a careful watching brief to ensure that any shortfall is identified in time for an alternative source to be obtained.
Staffing
The Company attempts to proactively avoid staff shortages by focusing on staff development and retention. The Company maintains a constant recruitment process to fill gaps caused by any churn in the labour force.
LIGHTSPEED BROADBAND LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The key business risks affecting the company are set out below:-
Currency Risk
There is minimal exposure to currency risk, the Company’s operations are entirely in the United Kingdom and tries to ensure that significant purchases from outside of the UK have been negotiated in Pounds Sterling to avoid currency risk. Therefore, no sensitivity analysis of currency risk has been shown.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. As part of its overall prudent liquidity risk management, the Company actively manages its operating cash flows and does not commit to expenditure that it does not have immediate access to settle.
Market Risk
Market risk is that risk that the fair value or cash flows of financial instruments will fluctuate as a result of market forces outside the control of the Company, including interest rate risk arising from the effect of changes in market interest rates on cash at bank, overdrafts, investments in debt instruments, borrowings and obligations under finance leases.
The Company will continue to operate in a responsible way at all times and comply with all appropriate laws, regulations and guidance.
Development and performance
Lightspeed is in it’s 4th year of network expansion and having completed phases one and two in early 2024, has already planned and commenced the phase 3 network build.
There was a slowdown in customer acquisitions during the first half of 2023 as the company embarked on a project to restructure the overall business and operations with the aim of cutting costs to ensure that the Lightspeed projects remains competitive for the future.
In July 2023 Kompass Global Ventures, LLC (“Kompass Kapital”) acquired a controlling stake in Lightspeed. As part of this transaction Kompass Kapital committed new capital to the business, which is being utilised to develop & expand the company’s high speed full fibre network while also enhancing the company’s internet service provider (“ISP”) platform.
With a renewed focus on customer acquisitions in the second half of the year, the growth in customer connections and subscription revenue grew rapidly and this trend has continued into the first half of 2024. The demand for Full Fibre across the regions served by Lightspeed remains strong and revenues continue to grow rapidly, bolstered by the launch of value-added services during the first half of 2024.
Key performance indicators
The Company has a number of key performance indicators that are used to track the performance of its business and operations to include:
Cost Per Premises Passed: The cost of building past each available premises in the network.
Customer Acquisitions Cost: The cost of marketing and acquiring a customer to connect the network.
Cost per Premises Connected: The cost of connecting a premises to the network.
Number of properties Ready for Service: properties covered by the network where a customer can be connected and provided with an operational service in that property within 24 hours.
Penetration: Number of customers acquired as a proportion of the properties ready for service.
LIGHTSPEED BROADBAND LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Environmental, social and governance
Lightspeed has implemented policies, systems, processes and contracts with build partners that foster the Company’s objective to minimise the impact of our operations on the environment and to support our communities and employees. The board continues to focus on all aspects of the health and safety of our employees.
Lightspeed is committed to offering market leading customer service and superb product reliability and broadband service quality. Lightspeed is committed to ensure that prospects and customers have access to the best value offers and service propositions in the market.
Lightspeed will continue to prioritise the network build program in areas that are digitally underserved so that everyone can actively participate in an increasingly digital society
Liam Hickey
Director
17 September 2024
LIGHTSPEED BROADBAND LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal business activity of the company is the provision of telecommunication services.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Liam Hickey
Graham Robert Bell
(Resigned 20 July 2023)
Jason Victor Coward
(Resigned 10 May 2023)
Brett Edward Shepherd
Bradley Scott Berger
(Appointed 20 July 2023)
Courtney Michelle Conrad
(Appointed 20 July 2023)
Jeffery William Konnesky
(Appointed 20 July 2023)
Auditor
The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
LIGHTSPEED BROADBAND LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
Liam Hickey
Director
17 September 2024
LIGHTSPEED BROADBAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LIGHTSPEED BROADBAND LTD
- 6 -
Opinion
We have audited the financial statements of Lightspeed Broadband Ltd (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as going concern.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
LIGHTSPEED BROADBAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LIGHTSPEED BROADBAND LTD (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the operations of the company, financial statements or the operations of the company, including the UK Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
LIGHTSPEED BROADBAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LIGHTSPEED BROADBAND LTD (CONTINUED)
- 8 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.
The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: UK Company law that regulates corporations formed under the Companies Act 2006 and HMRC laws and regulations relating to submissions of applicable taxes and documents. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Shilpa Chheda
Senior Statutory Auditor
For and on behalf of KLSA LLP
23 September 2024
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
LIGHTSPEED BROADBAND LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
1,019,569
175,052
Cost of sales
(1,173,924)
(1,647,951)
Gross loss
(154,355)
(1,472,899)
Administrative expenses
(5,485,028)
(6,408,419)
Operating loss
4
(5,639,383)
(7,881,318)
Interest receivable and similar income
7
2,767
Interest payable and similar expenses
8
(1,596,528)
(581,685)
Loss before taxation
(7,233,144)
(8,463,003)
Tax on loss
9
100,000
Loss for the financial year
(7,233,144)
(8,363,003)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
LIGHTSPEED BROADBAND LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Loss for the year
(7,233,144)
(8,363,003)
Other comprehensive income
-
-
Total comprehensive income for the year
(7,233,144)
(8,363,003)
LIGHTSPEED BROADBAND LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1,492,639
1,319,914
Tangible assets
11
1,426,552
1,335,787
2,919,191
2,655,701
Current assets
Debtors
12
2,868,810
3,404,560
Cash at bank and in hand
65,312
1,950,737
2,934,122
5,355,297
Creditors: amounts falling due within one year
13
(705,452)
(2,354,799)
Net current assets
2,228,670
3,000,498
Total assets less current liabilities
5,147,861
5,656,199
Creditors: amounts falling due after more than one year
14
(25,372,794)
(18,647,988)
Net liabilities
(20,224,933)
(12,991,789)
Capital and reserves
Called up share capital
17
100
100
Profit and loss reserves
(20,225,033)
(12,991,889)
Total equity
(20,224,933)
(12,991,789)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
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:
Liam Hickey
Director
Company registration number 12487672 (England and Wales)
LIGHTSPEED BROADBAND LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(4,628,886)
(4,628,786)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(8,363,003)
(8,363,003)
Balance at 31 December 2022
100
(12,991,889)
(12,991,789)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(7,233,144)
(7,233,144)
Balance at 31 December 2023
100
(20,225,033)
(20,224,933)
LIGHTSPEED BROADBAND LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(2,009,079)
(16,788,732)
Investing activities
Purchase of intangible assets
(330,025)
(686,035)
Purchase of tangible fixed assets
(1,510,817)
(1,413,284)
Proceeds from disposal of tangible fixed assets
166,729
735,377
Interest received
2,767
Net cash used in investing activities
(1,671,346)
(1,363,942)
Financing activities
Proceeds from borrowings
2,400,000
19,955,235
Repayment of borrowings
(605,000)
-
Net cash generated from financing activities
1,795,000
19,955,235
Net (decrease)/increase in cash and cash equivalents
(1,885,425)
1,802,561
Cash and cash equivalents at beginning of year
1,950,737
148,176
Cash and cash equivalents at end of year
65,312
1,950,737
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
Lightspeed Broadband Ltd is a private company limited by shares incorporated in England and Wales on 27 February 2020. The registered office is Fulney Hall, Holbeach Road, Spalding, Lincolnshire, PE12 6ER.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company incurred a loss during the year of £7.2m (2022: £8.4m). The company is currently in the initial phase of growth as its launching its fibre network and connecting customers in different towns. The company's activities are financed by its shareholders, related parties and other borrowings.true
At the reporting date, the company was in a net liability position of £20.2m (2022: £12.9m), had a net current asset position of £2.2m (2022: £3m) and bank position of £65k (2022: £1.9m). During the year the company's parent raised £50.0m from an entity affiliated to its shareholders to support the network build and operations. As at the signing date of these financial statements, the total loans to the group by its shareholders for the network build costs and operations amounted to £54.0m, with a further £66.7m from an entity affiliated to its shareholders (together, the “Kompass Kapital entities”).
As of the signing date of these financial statements, the Kompass Kapital entities have committed funding of £162m to the Lightspeed Fibre Holdings Group for the period 2024-2026.
The Company has a letter of comfort from from the Kompass Kapital entities, confirming the ongoing financial support for the company and confirming that repayment of their existing shareholder loans will not be required for at least 12 months from the date of signing of the financial statements. The directors are therefore confident that Kompass Global Ventures, LLC will continue to provide financial support to the company for the foreseeable future, defined as at least 12 months from the date of signing the financial statements for the year ended 31 December 2023.
The directors have made an assessment of the group's ability to continue as a going concern which included the group's cash resources, borrowing facilities, planned network costs, and other expenditure.
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements.
At the time of approving these 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.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover
Turnover represents the value of services and goods provided in the normal course of business, and is stated net of VAT and discounts and is attributable to continuing activities being provision of fixed connectivity services to customers.
Revenue recognition
Revenue is recognised to the extent that it is realised or realised and earned. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and VAT. The following criteria must also be met before revenue is recognised:
persuasive evidence of an arrangement exists between the company and the company's customer.
delivery has occurred or the service has been rendered.
the price for the service is fixed or determinable and
recoverability is reasonably assured.
Revenue earned from contracts is recognised in line with performance obligations based on a five step model.
On inception of the contract we identify a 'performance obligation' for each of the distinct goods or services we have promised to provide to the customers. The consideration specified in the contract is allocated to each performance obligation based on their relative standalone selling prices and is recognised in revenue as they are satisfied.
Below we summarise the revenue recognition policy for each of our major revenue line and provides information on the time of when they are satisfied.
Services revenue
We recognise revenue from the provision of fixed connectivity services to customers on a straight line basis over the contract term as the services are provided, reflecting the customer simultaneously receiving and consuming the service. The services are billed and paid for on a monthly basis.
Installation fees related to services provided over our fixed line network. These fees are recognised as revenue when installation is completed.
Hardware revenue
Revenue from equipment sales is recognised at a point in time when control of the hardware is passed to the customer. This usually occurs when a customer signs a new contract, the connectivity service is due to commence and the hardware is sent to the customer.
There are no material obligations in respect of returns, refunds or warranties.
Promotion discount
For subscriber promotions, such as discounts or free services during an introductory period, revenue is recognised uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognised only to the extent of the discounted monthly fee charged to the subscriber, if any.
Subscriber advance payments
Payments received in advance for the services we provide are deferred and recognised as revenue when the associated services are provided.
Contract life/timing of recognition
The company's revenues are earned from the provision of fixed connectivity services to customers based on standard term contracts, usually 12-24 months. A fixed monthly fee is charged for the duration of the customer contract period. The monthly transaction price is fixed at the outset of the contract period and is deemed to be the transaction price.
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.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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:
Software
3 years Straight line method
Website development
10 years Straight line method
Brand development
10 years Straight line method
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:
Leasehold improvement
Over the lease term
Fixtures and fittings
25% Straight line method
Computers and IT Equipment
33% Straight line method
Motor vehicles
25% Straight line method
Customer premises equipment
Over the Customer contract period
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.
1.6
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
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.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
There were no changes in comparative figures during the year.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
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.
Critical judgements
Taxation
The recognition for deferred tax assets may be uncertain as the extent to which tax losses can be utilised depends on future taxable profits and on the tax legislation then in force.
Recovery of the deferred tax asset relating to tax losses is estimated using an extrapolation of the Group's five-year plan. Sensitivities have been applied to these forecasts. Accordingly, an increase or decrease in future profitability would increase or decrease the asset recognised.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The directors makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Useful lives, depreciation methods and residual values of tangible fixed assets and intangible fixed assets
Management reviews the useful lives, depreciation methods and residual values of the items of intangible fixed assets and tangible fixed assets and on a regular basis. During the year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of intangible fixed assets and tangible fixed assets are disclosed in notes 10 and 11 respectively.
Recoverablility of Trade and intercompany receivables
Intercompany receivables are stated at their recoverable amount less any necessary provision. Recoverability of trade and intercompany receivables is assessed annually and a provision is recognised if any indications exist that the receivables are not considered recoverable.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Revenue from installations
32,208
17,646
Revenue from sale of beacons
22,397
32,533
Revenue from ongoing subscriptions
944,776
124,373
Revenue from service appointments
14,188
500
Revenue from cancellation charges
6,000
-
1,019,569
175,052
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
2,767
-
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Exchange (gains)/losses
218
Fees payable to the company's auditor for the audit of the company's financial statements
16,500
15,000
Depreciation of owned tangible fixed assets
1,253,322
507,000
Operating lease charges
55,636
37,301
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
23
71
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,049,206
2,135,383
Social security costs
102,120
429,711
Pension costs
41,158
108,210
1,192,484
2,673,304
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
719,624
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
152,782
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
2,767
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
1,596,528
581,685
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(100,000)
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 23 -
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(7,233,144)
(8,463,003)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.51% (2022: 19.00%)
(1,700,512)
(1,607,971)
Tax effect of expenses that are not deductible in determining taxable profit
2,230
42
Unutilised tax losses carried forward
1,394,290
1,511,599
Permanent capital allowances in excess of depreciation
(71,352)
96,330
De-recognition of deferred tax
(100,000)
Corporate interest restriction
375,344
Taxation charge/(credit) for the year
-
(100,000)
10
Intangible fixed assets
Software
Website development
Brand development
Total
£
£
£
£
Cost
At 1 January 2023
803,894
464,829
51,191
1,319,914
Additions
154,138
175,887
330,025
Written off
(51,191)
(51,191)
Transfers
(106,109)
(106,109)
At 31 December 2023
958,032
534,607
1,492,639
Amortisation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
958,032
534,607
1,492,639
At 31 December 2022
803,894
464,829
51,191
1,319,914
Amortisation is not yet recognised on developments of the website, sales order processing and customer service systems. All these assets are assessed as still being in development and not in a final state. It is anticipated that all developments will continue into 2024 and not be in a final state until the end of that year. The decision was made to replace the internal job management system and this was consequently impaired at the end of 2023. The estimated commitment needed to bring these assets to a state of completion as at year end was £835,031.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Tangible fixed assets
Leasehold improvement
Fixtures and fittings
Computers and IT Equipment
Motor vehicles
Customer premises equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2023
180,179
36,173
430,084
276,085
819,103
1,741,624
Additions
261
471
1,899
1,508,186
1,510,817
Disposals
(10,285)
(272,615)
(282,900)
At 31 December 2023
180,440
36,644
421,698
3,470
2,327,289
2,969,541
Depreciation and impairment
At 1 January 2023
31,273
9,390
119,113
75,224
170,837
405,837
Depreciation charged in the year
149,167
9,209
106,972
34,944
953,030
1,253,322
Eliminated in respect of disposals
(7,665)
(108,505)
(116,170)
At 31 December 2023
180,440
18,599
218,420
1,663
1,123,867
1,542,989
Carrying amount
At 31 December 2023
18,045
203,278
1,807
1,203,422
1,426,552
At 31 December 2022
148,906
26,783
310,971
200,861
648,266
1,335,787
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
73,153
Amounts owed by group undertakings
2,763,289
3,153,560
Other debtors
16,988
71,913
Prepayments and accrued income
15,380
179,087
2,868,810
3,404,560
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
15
1,888,932
Trade creditors
44,075
149,562
Amounts owed to group undertakings
212,955
81,893
Taxation and social security
22,836
43,806
Other creditors
33,658
9,007
Accruals and deferred income
391,928
181,599
705,452
2,354,799
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
15
25,372,794
18,647,988
15
Loans and overdrafts
2023
2022
£
£
Loans from group undertakings
25,372,794
20,536,920
Payable within one year
1,888,932
Payable after one year
25,372,794
18,647,988
Loans from group undertakings includes £11,555,355 from Lightspeed Fibre Group Limited which is subject to interest rate at a margin plus compounded reference rate for that day and £8,981,566 from Lightspeed Fibre Holdings Limited which is subject to interest rate of 8% and 14%.
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,158
108,210
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
27,233
28,000
Between two and five years
98,000
27,233
126,000
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
19
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
719,624
The following amounts were outstanding at the reporting end date:
Other information
The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertakings of the group.
Included within creditors is a balance due to a company under common control, MGMT SA, of £NIL (2022: £27,539) and included within debtors is an amount of £NIL (2022: £18,326). The company provided professional services amounting to £3,317 (2022: £27,787) in the period to 6 July 2023 when it ceased to be a related party.
Included within administration expenses is an amount of £NIL (2022: £377,305) relating to consultancy fees to Atmosclear Invesments Limited, related by virtue of common control until 6 July 2023 when it ceased to be a related party.
20
Ultimate controlling party
The company's immediate parent undertaking is Lightspeed Fibre Group Limited. Its registered office and principal place of business is Fulney Hall, Holbeach Road, Spalding, Lincolnshire, United Kingdom, PE12 6ER.
Lightspeed Fibre Holdings Limited, a company incorporated in England and Wales, is regarded by the directors as being the company's ultimate parent company. Its registered office and principal place of business is Fulney Hall, Holbeach Road, Spalding, Lincolnshire, United Kingdom, PE12 6ER.
In the opinion of the directors, the ultimate controlling party is the Kompass Kapital Management.
LIGHTSPEED BROADBAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(7,233,144)
(8,363,003)
Adjustments for:
Taxation charged/(credited)
(100,000)
Finance costs
1,596,528
581,685
Investment income
(2,767)
Intangible written off
51,191
-
Depreciation and impairment of tangible fixed assets
1,253,322
507,000
Movements in working capital:
Decrease/(increase) in debtors
535,750
(2,106,497)
Increase/(decrease) in creditors
1,790,041
(7,307,917)
Cash absorbed by operations
(2,009,079)
(16,788,732)
22
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,950,737
(1,885,425)
65,312
Borrowings excluding overdrafts
(20,536,920)
(4,835,874)
(25,372,794)
(18,586,183)
(6,721,299)
(25,307,482)
LIGHTSPEED BROADBAND LTD
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Liam HickeyGraham Robert BellJason Victor CowardBrett Edward ShepherdBradley Scott BergerCourtney Michelle ConradJeffery William KonneskyHarts Ltd Hartsfalsefalse124876722023-01-012023-12-3112487672bus:Director12023-01-012023-12-3112487672bus:Director42023-01-012023-12-3112487672bus:Director52023-01-012023-12-3112487672bus:Director62023-01-012023-12-3112487672bus:Director72023-01-012023-12-3112487672bus:CompanySecretary12023-01-012023-12-3112487672bus:Director22023-01-012023-12-3112487672bus:Director32023-01-012023-12-3112487672bus:RegisteredOffice2023-01-012023-12-3112487672bus:Agent12023-01-012023-12-31124876722023-12-31124876722022-01-012022-12-3112487672core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3112487672core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112487672core:OtherResidualIntangibleAssets2023-12-3112487672core:OtherResidualIntangibleAssets2022-12-3112487672core:ComputerSoftware2023-12-3112487672core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3112487672core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-12-3112487672core:ComputerSoftware2022-12-3112487672core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3112487672core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-12-31124876722022-12-3112487672core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3112487672core:FurnitureFittings2023-12-3112487672core:ComputerEquipment2023-12-3112487672core:MotorVehicles2023-12-3112487672core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3112487672core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3112487672core:FurnitureFittings2022-12-3112487672core:ComputerEquipment2022-12-3112487672core:MotorVehicles2022-12-3112487672core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3112487672core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112487672core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112487672core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3112487672core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3112487672core:CurrentFinancialInstruments2023-12-3112487672core:CurrentFinancialInstruments2022-12-3112487672core:ShareCapital2023-12-3112487672core:ShareCapital2022-12-3112487672core:RetainedEarningsAccumulatedLosses2023-12-3112487672core:RetainedEarningsAccumulatedLosses2022-12-3112487672core:ShareCapital2021-12-3112487672core:RetainedEarningsAccumulatedLosses2021-12-31124876722022-12-31124876722021-12-3112487672core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112487672core:ComputerSoftware2023-01-012023-12-3112487672core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112487672core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112487672core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3112487672core:FurnitureFittings2023-01-012023-12-3112487672core:ComputerEquipment2023-01-012023-12-3112487672core:MotorVehicles2023-01-012023-12-3112487672core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3112487672core:UKTax2023-01-012023-12-3112487672core:UKTax2022-01-012022-12-311248767212023-01-012023-12-311248767212022-01-012022-12-311248767222023-01-012023-12-311248767222022-01-012022-12-3112487672core:ComputerSoftware2022-12-3112487672core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3112487672core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-12-3112487672core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3112487672core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3112487672core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3112487672core:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3112487672core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3112487672core:FurnitureFittings2022-12-3112487672core:ComputerEquipment2022-12-3112487672core:MotorVehicles2022-12-3112487672core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3112487672core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3112487672core:Non-currentFinancialInstruments2023-12-3112487672core:Non-currentFinancialInstruments2022-12-3112487672core:WithinOneYear2023-12-3112487672core:WithinOneYear2022-12-3112487672core:BetweenTwoFiveYears2023-12-3112487672core:BetweenTwoFiveYears2022-12-3112487672bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112487672bus:FRS1022023-01-012023-12-3112487672bus:Audited2023-01-012023-12-3112487672bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP