Registered number
03033386
Telco UK plc
Report and Financial Statements
31 March 2024
Telco UK plc
Registered number: 03033386
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be that of a provider of out-sourced business analysis and researched-based management consultancy to the financial services and UK telecommunications sectors.
Directors
The following persons served as directors during the year:
M A Jackson
C A Jackson
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Approved and authorised for issue by the board of directors on 26 September 2024 and signed
on their behalf by:
M A Jackson
Director
Telco UK plc
Strategic Report
The directors present their Strategic Report for Telco UK plc for the year ended 31 March 2024.
Introduction
The principal activity of the company continued to be that of a provider of out-sourced business analysis and research-based management consultancy to the financial services and UK telecommunications sectors. The company is looking at diversification opportunities in the telecom sector.
Business review
The year ended 31 March 2024 continued to be negatively affected due to the implementation of IR35 by the financial sector clients of Telco UK plc. The company continued to be engaging with London based financial services clients. The impact of IR35 continues to depend upon the legislative environment. The company also received income under the FIT scheme for the supply of renewable energy and is looking to expand this area.
Principal risks and uncertainties
The key risks and uncertainties affecting the company are the level of demand from clients and potential clients for services and our ability to develop other markets. Also, the general economic climate and regulatory environment affects our clients’ spend.
Financial key performance indicators
Given the straight forward nature of the business the directors see no need for further analysis of key performance indicators to understand the company’s position.
Company's policy for payment of creditors
It is the policy of the company to settle the terms of payment with suppliers when agreeing each transaction or series of transactions, to ensure that suppliers are made aware of these terms and abide by them. The company is a member of the ‘Better Payment Practice Group’s (BPPG) Pay on Time Charter.'
Approved and authorised for issue by the board of directors on 26 September 2024 and signed
on their behalf by:
M A Jackson
Director
Telco UK plc
Independent auditor's report
to the members of Telco UK plc
Opinion
We have audited the financial statements of Telco UK plc (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, 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 the 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 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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.
Other information
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 the 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.
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 or 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.
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 the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements and respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
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.
Robin Purvis
(Senior Statutory Auditor) Cragside House
for and on behalf of Heaton Road
Glen C Rodger Limited Newcastle upon Tyne
Statutory Auditor
26 September 2024 NE6 1SE
Telco UK plc
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 2 5,597 -
Administrative expenses (22,541) (33,418)
Other operating income 2,345 -
Operating loss 3 (14,599) (33,418)
Interest receivable 1,801 72
Interest payable 6 (8) -
Loss on ordinary activities before taxation (12,806) (33,346)
Tax on loss on ordinary activities 7 - 811
Loss for the financial year (12,806) (32,535)
Telco UK plc
Statement of Comprehensive Income
for the year ended 31 March 2024
Notes 2024 2023
£ £
Loss for the financial year (12,806) (32,535)
Other comprehensive income
Total comprehensive income for the year (12,806) (32,535)
Telco UK plc
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 8 409,860 413,002
Current assets
Debtors 9 39,409 38,697
Cash at bank and in hand 172,048 160,518
211,457 199,215
Creditors: amounts falling due within one year 10 (143,837) (121,931)
Net current assets 67,620 77,284
Net assets 477,480 490,286
Capital and reserves
Called up share capital 12 50,000 50,000
Profit and loss account 13 427,480 440,286
Total equity 477,480 490,286
Approved and authorised for issue by the board of directors on 26 September 2024 and
signed on their behalf by:
M A Jackson
Director
Telco UK plc
Statement of Changes in Equity
for the year ended 31 March 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 April 2022 50,000 - - 472,821 522,821
Loss for the financial year (32,535) (32,535)
At 31 March 2023 50,000 - - 440,286 490,286
At 1 April 2023 50,000 - - 440,286 490,286
Loss for the financial year (12,806) (12,806)
At 31 March 2024 50,000 - - 427,480 477,480
Telco UK plc
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Loss for the financial year (12,806) (32,535)
Adjustments for:
Interest receivable (1,801) (72)
Interest payable 8 -
Tax on loss on ordinary activities - (811)
Depreciation 4,706 5,197
(Increase)/decrease in debtors (712) 4,398
Increase in creditors 21,906 18,802
11,301 (5,021)
Interest received 1,801 72
Interest paid (8) -
Cash generated by/(used in) operating activities 13,094 (4,949)
Investing activities
Payments to acquire tangible fixed assets (1,564) (1,982)
Cash used in investing activities (1,564) (1,982)
Net cash generated/(used)
Cash generated by/(used in) operating activities 13,094 (4,949)
Cash used in investing activities (1,564) (1,982)
Net cash generated/(used) 11,530 (6,931)
Cash and cash equivalents at 1 April 160,518 167,449
Cash and cash equivalents at 31 March 172,048 160,518
Cash and cash equivalents comprise:
Cash at bank 172,048 160,518
Telco UK plc
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Long leasehold property Straight line basis over the term of the lease
Computer and office equipment 25% straight line
Fixtures and fittings 10% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Analysis of turnover 2024 2023
£ £
Services rendered 2,014 -
Supply of renewable energy 3,583 -
5,597 -
By geographical market:
UK 5,597 -
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 4,706 5,197
Auditors' remuneration for audit services 2,150 1,950
4 Directors' emoluments 2024 2023
£ £
Emoluments - 12,564
5 Staff costs 2024 2023
£ £
Wages and salaries - 12,564
Social security costs - 503
- 13,067
Average number of employees during the year Number Number
Administration 1 1
1 1
6 Interest payable 2024 2023
£ £
Interest charge 8 -
7 Taxation 2024 2023
£ £
Analysis of charge in period
Deferred tax:
Origination and reversal of timing differences - (811)
Tax on loss on ordinary activities - (811)
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Loss on ordinary activities before tax (12,806) (33,346)
Standard rate of corporation tax in the UK 25% 19%
8 Tangible fixed assets
Land and buildings Computer and office equipment Fixtures and fittings Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 April 2023 448,005 44,763 39,165 531,933
Additions - 1,564 - 1,564
At 31 March 2024 448,005 46,327 39,165 533,497
Depreciation
At 1 April 2023 39,046 43,276 36,609 118,931
Charge for the year 2,990 887 829 4,706
At 31 March 2024 42,036 44,163 37,438 123,637
Carrying amount
At 31 March 2024 405,969 2,164 1,727 409,860
At 31 March 2023 408,959 1,487 2,556 413,002
9 Debtors 2024 2023
£ £
Called up share capital not paid 37,499 37,499
Other debtors 1,910 1,198
39,409 38,697
10 Creditors: amounts falling due within one year 2024 2023
£ £
Director's loan account 139,947 117,189
Other taxes and social security costs - 388
Accruals and deferred income 3,890 4,354
143,837 121,931
11 Deferred taxation 2024 2023
£ £
2024 2023
£ £
At 1 April - 811
Credited to the profit and loss account - (811)
At 31 March - -
12 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 50,000 50,000 50,000
13 Profit and loss account 2024 2023
£ £
At 1 April 440,286 472,821
Loss for the financial year (12,806) (32,535)
At 31 March 427,480 440,286
14 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2024 2023 2024 2023
£ £ £ £
Falling due:
in over five years 670 670 - -
15 Related party transactions
M A Jackson is a director and controlling shareholder of the company. The amount due to M A Jackson at 31 March 2024 was £139,947 (2023 £117,189).
16 Controlling party
The company is controlled by M A Jackson, a director.
17 Presentation currency
The financial statements are presented in Sterling.
18 Legal form of entity and country of incorporation
Telco UK plc is a private company limited by shares and incorporated in England.
19 Principal place of business
The address of the company's principal place of business and registered office is:
The Television Centre
City Road
Newcastle Upon Tyne
NE99 5BB
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