Financial Statements
CET Connect Limited
For the 18 month period ended 31 December 2023
Registered number: 09888020
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Company Information
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Brendan Mee (appointed 10 March 2023)
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Thomas Mulryan (appointed 10 March 2023)
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Sean Maher (resigned 10 March 2023)
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Thomas Mulryan (appointed 10 March 2023)
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Chartered Accountants & Statutory Audit Firm
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Kearns, Heffernan, Foskin
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Contents
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Directors' responsibilities statement
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Directors' report
For the 18 month period ended 31 December 2023
The directors present their annual report and the audited financial statements for the 18 month period ended 31 December 2023. The comparative where for a 12 month period ending 30 June 2022.
The principal activity of the company during the period was the provision of data communications installation services.
The profit for the 18 month period, after taxation, amounted to £61,841 (2022: 12 months £167,103). The revenue for the 18 month period amounted to £3,676,374 (2022: 12 months £2,077,339).
There was no dividends declared or paid in the current period or prior year.
The directors who served during the 18 month period were:
Brendan Mee (appointed 10 March 2023)
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Thomas Mulryan (appointed 10 March 2023)
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Sean Maher (resigned 10 March 2023)
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Branches outside the United Kingdom
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The Company has no branches outside the United Kingdom.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditor, Grant Thornton, was appointed during the year, and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Page 1
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Directors' report (continued)
For the 18 month period ended 31 December 2023
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Brendan Mee
Director
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Thomas Mulryan
Director
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Page 2
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Directors' responsibilities statement
For the 18 month period ended 31 December 2023
The directors are responsible for preparing the Directors' report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 audited financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
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Brendan Mee Thomas Mulryan
Director Director
Date: 17 May 2024
Page 3
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Independent auditor's report to the members of CET Connect Limited
We have audited the financial statements of CET Connect Limited ("the Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the 18 month period ended 31 December 2023, and the related notes to the financial statements, including a summary of 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, CET Connect Limited's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the 18 month period then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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
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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 the date 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.
The financial statements of CET Connect (UK) Limited for the financial period ended 30 June 2022 were audited by O'Dwyer & Co. who expressed an unmodified opinion on those statements on 24 November 2022.
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Independent auditor's report to the members of CET Connect Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
∙the information given in the Directors' report for the 18 month period for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in 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 directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.
Page 5
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Independent auditor's report to the members of CET Connect Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
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Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor 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 their 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law and Employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional skepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6
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Independent auditor's report to the members of CET Connect Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection and review of minutes of directors’meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates including their impairment assessment of trade debtors; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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This report is made solely to the Company’s members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Dan Holland (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Audit Firm
13-18 City Quay
Dublin 2
Date: 28 May 2024
Page 7
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Statement of comprehensive income
For the 18 month period ended 31 December 2023
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18 month period ended
31 December
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12 month
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ended
30 June
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All amounts relate to continuing operations.
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2023 (2022: £Nil).
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Page 8
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CET Connect Limited
Registered number:09888020
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Statement of financial position
As at 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Brendan Mee
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Thomas Mulryan
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The notes on pages 11 to 24 form part of these financial statements.
Page 9
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Statement of changes in equity
For the 12 month period ended 31 December 2023
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Comprehensive income for the period
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Prior period adjustment (note 17)
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At 1 July 2022 (as restated)
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Comprehensive income for the period
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The notes on pages 11 to 24 form part of these financial statements.
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Page 10
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Notes to the financial statements
For the 18 month period ended 31 December 2023
CET Connect Limited is a company limited by shares incorporated in the United Kingdom. 71-75 Shelton Street, Covent Garden, London is the registered office, which is also the principal place of business of the Company. The nature of the Company’s operations and its principal activities are set out in the Director’s Report.
The principal activity of the Company is the provision of data communications installation services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
The Company qualifies as a small company as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the 'Small Companies Regime' in accordance with section 280C of the Act and section 1A of FRS 102.
The financial statements have been presented in Sterling Pounds (£) which is also the functional currency of the Company.
The financial statement is for an 18 month period end 31 December 2023. Comparatives figures are for a 12 month period ended 30 June 2022.
The following principal accounting policies have been applied:
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Foreign currency translation
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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.
Page 11
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Notes to the financial statements
For the 18 month period ended 31 December 2023
2.Accounting policies (continued)
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Foreign currency translation (continued)
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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'.
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.
A construction contract's stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured.
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.
Page 12
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Notes to the financial statements
For the 18 month period ended 31 December 2023
2.Accounting policies (continued)
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.
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.
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:
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
A construction contract's stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. The gross amount due from customers for contract work is presented within work in progress for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceed progress billings. The gross amount due to customers for contract work is presented within other liabilities for all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses).
Page 13
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Notes to the financial statements
For the 18 month period ended 31 December 2023
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Page 14
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Notes to the financial statements
For the 18 month period ended 31 December 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as deduction, net of tax, from the proceeds.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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When preparing financial statements, management makes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.
Critical management judgments in applying accounting policies
Impairment of trade and other receivables
Adequate amount of allowance is made and provided for specific Company of accounts where objective evidence of impairment exists. The Company evaluates these accounts, including, but not limited to, the length of the Company's relationship with its contracting parties, contracting parties' current credit status, average age of accounts, settlement experience and historical loss experience. The impairment allowance recognised at 31 December 2023 was €Nil (2022: €Nil).
Recoverability of amounts due under construction contracts
The directors considered the recoverability of amounts due under construction contracts which is included in the statement of financial position at 31 December 2023 amounting to €Nil (2022: €Nil). The directors have reviewed the relevant costs incurred to date and expected costs to completion. They have also assessed the ability of these customers to discharge their contractual obligations as they fall due. Based on these reviews, the directors are satisfied with the recoverability of balances due under construction contracts at the reporting date.
Page 15
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Notes to the financial statements
For the 18 month period ended 31 December 2023
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An analysis of turnover by class of business is as follows:
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18 month period ended
31 December
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12 month period ended
30 June
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Cable installation services
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Analysis of turnover by country of destination:
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18 month period ended
31 December
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12 month period ended
30 June
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The operating profit is stated after charging/(crediting):
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18 month period ended
31 December
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12 month
period
ended
30
June
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Depreciation of tangible assets
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Page 16
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Notes to the financial statements
For the 18 month period ended 31 December 2023
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The average monthly number of employees, including the directors, during the 18 month period was as follows:
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18 month period ended
31 December
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12 month
period
ended
30
June
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Capitalised employee costs during the financial period amounted to £Nil (2022: £Nil).
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The directors did not receive any remununeration during the period. No further required disclosures under section 410 of the Companies Act 2006 for the current financial periods.
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18 month period ended
31 December
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12 month
period
ended
30 June
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Current tax on profits for the year
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Page 17
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Notes to the financial statements
For the 18 month period ended 31 December 2023
8.Taxation (continued)
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Factors affecting tax charge for the 18 month period
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The tax assessed for the 18 month period is higher than (2022: higher than) the standard rate of corporation tax in the UK of 21% (2022: 19%) The standard rate of UK Corporation Tax remained at 19% until 31 March 2023. The Finance Act 2021 increased this rate to 25% effective 1 April 2023. The differences are explained below:
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18 month period ended
31 December
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12 month
period
ended
30 June
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21% (2022: 19%)
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Provision for tax adjustment
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Total tax charge for the 18 month period
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Factors that may affect future tax charges
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There are no factors affecting future tax charges.
Page 18
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Notes to the financial statements
For the 18 month period ended 31 December 2023
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At 1 July 2022 (As restated)
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At 1 July 2022 (As restated)
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Charge for the 18 month period
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At 1 July 2022 (As restated)
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The net book value of assets held under finance or hire purchase contracts, included above, are as follows:
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Page 19
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Notes to the financial statements
For the 18 month period ended 31 December 2023
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Amounts owed by group undertakings
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Called up share capital owed by related party
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Amounts owed by group undertakings and related party are interest free, unsecured and repayable on demand.
Trade debtors is net of provision for doubtful debts of £Nil (2022: £Nil).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Page 20
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Notes to the financial statements
For the 18 month period ended 31 December 2023
12.Creditors: Amounts falling due within one year (continued)
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers' usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming monhts in accordance with the applicable statutory provisions.
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follow
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18 month period ended 31 December
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12 month period ended 30 June
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Leases are secured by the leased fixed assets.
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Page 21
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Notes to the financial statements
For the 18 month period ended 31 December 2023
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Authorised, allotted, called up and fully paid
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100 Ordinary shares of £1.00 each
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Share capital
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses.
The financial statements have been restated to account for errors in the recognition and measurement of account balances. The net impact on the financial statements are reflected below:
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The prior period error adjustments comprise of the following:
Movements in tangible assets:
∙£15,649 (net of cost and depreciation) adjustment pertains to a motor vehicle under hire purchase agreement not recognized in the correct period;
Page 22
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Notes to the financial statements
For the 18 month period ended 31 December 2023
17.Restatement (continued)
Movements in the debtors: amounts falling due within one year:
∙£ 90 adjustment pertains to unpaid share capital not reflected in the accounting records;
∙£ 2,000 adjustment pertains intercompany debtor which was not classified correctly; and
∙£4,574 adjustment pertains to intercompany debtor transactions which were not reflected in the accounting records .
Movements in Cash at bank and in hand:
∙£3,659 adjustment pertain to cash receipts not reflected in the correct period.
Movements in the creditors: amounts falling due within one year:
∙(£18,085) adjustment posted to align the VAT liability as per accounting records to the VAT liability per filings with HRMC;
∙£11,956 adjustment pertains to a motor vehicle acquired under a hire purchase agreement not reflected as a finance lease liability;
∙£1,510 adjustment pertains to Intercompany creditor transactions not reflected in the accounting records; and
∙£605 adjustment pertains to purchases not reflected in the accounting records in the correct period.
Movements in share capital:
∙(£90) adjustment pertains to share capital subscription from CET Connect Limited not reflected in the accounting records.
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Related party transactions
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The Company is availing of the exemption under FRS102 and Companies Act 2006 to not disclose transactions entered into between wholly-owned members of a group except for the transactions which is not exempted under FRS102.
As at 31 December 2023, £Nil (2022: £289) was outstanding from Sean Maher, former director of the Company. The balance is unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Post balance sheet events
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There have been no significant events affecting the Company since the financial period end, which require adjustment to or disclosure in these financial statements.
Page 23
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Notes to the financial statements
For the 18 month period ended 31 December 2023
The parent company is CET Connect Limited which holds 100% of the share capital in the Company.
The Company's ultimate parent company is Project Raglan Topco Limited. Both companies are registered and incorporated in Ireland, with a registered office at Grangegeeth, Slane, Meath, Ireland. Project Raglan Topco Limited, to whom the results of this company are consolidated, are publicly available at the Companies Registration Office.
The Company ultimate controlling party is Waterland Private Equity Investments B.V., a company incorporated in the Netherlands.
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Approval of financial statements
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The board of directors approved these financial statements for issue on 17 May 2024.
Page 24
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