Registered number
01266167
Cleartone Telecoms Ltd
Unaudited Filleted Accounts
31 January 2024
Cleartone Telecoms Ltd
Registered number: 01266167
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,978 1,647
Current assets
Stocks 1,418,435 1,812,138
Debtors 4 579,966 479,050
Cash at bank and in hand 1,923,345 1,727,979
3,921,746 4,019,167
Creditors: amounts falling due within one year 5 (804,095) (1,092,514)
Net current assets 3,117,651 2,926,653
Total assets less current liabilities 3,135,629 2,928,300
Creditors: amounts falling due after more than one year 6 (1,777,367) (1,692,302)
Net assets 1,358,262 1,235,998
Capital and reserves
Called up share capital 51,000 51,000
Profit and loss account 1,307,262 1,184,998
Shareholders' funds 1,358,262 1,235,998
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
EAR Balding
Director
Approved by the board on 31 October 2024
Cleartone Telecoms Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts 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 (as applied to small entities by section 1A of the standard).
The company is exempt from the requirement to prepare group accounts because it is itself a subsidiary undertaking. The financial statements therefore present information about the company as an individual undertaking and not about its group.
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:
Leasehold property improvements over 10 years (initial period of lease)
Motor vehicles over 4 years
Plant and machinery over 2 to 7 years
Furniture, fittings, and equipment over 2 to 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Research and development
Expenditure on research and development is written off in the year it is incurred.
Approval Fees
Approval fees required for distribution licences are written off over four years.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 37 39
3 Tangible fixed assets
Leasehold property improve Plant and machinery etc Furniture, fittings and equipment Total
£ £ £ £
Cost
At 1 February 2023 47,704 329,713 30,018 407,435
Additions - 19,800 - 19,800
Disposals - (25,289) - (25,289)
At 31 January 2024 47,704 324,224 30,018 401,946
Depreciation
At 1 February 2023 47,704 329,464 28,620 405,788
Charge for the year - 2,887 582 3,469
On disposals - (25,289) - (25,289)
At 31 January 2024 47,704 307,062 29,202 383,968
Net book value
At 31 January 2024 - 17,162 816 17,978
At 31 January 2023 - 249 1,398 1,647
4 Debtors 2024 2023
£ £
Trade debtors 491,386 398,805
Deferred tax asset 12,103 13,489
Other debtors 76,477 66,756
579,966 479,050
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 102,722 234,713
Taxation and social security costs 298,296 356,128
Other creditors 403,077 501,673
804,095 1,092,514
6 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,777,367 1,692,302
7 Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £0 (2023 - £126) were due to the fund. They are included in creditors.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 81,423 130,277
9 Related party transactions
During the year the company was charged for management services by Cleartone Group Limited, on normal commercial terms, to the sum of £774,063 (2023 - £634,849). The company also incurred license fees from Cleartone Group Limited and Cleartone Software Limited, on normal commercial terms, to the sums of £45,613 (2023 - £21,072) and £907,074 (2023 - £931,726) respectively. At the balance sheet date, the amount outstanding was £1,777,367 (2023 - £1,692,302) to Cleartone Software Limited.
10 Controlling party
Cleartone Group Limited, which holds 100% of the shares of Cleartone Telecoms Limited, is the company's immediate and ultimate parent undertaking and Mr RC Hill, who holds 52% of the shares of Cleartone Group Limited is the company's ultimate controlling party. Mr RC Hill also controls 100% of the shares of Boxblade Limited, a company which itself holds 18% of the shares of Cleartone Group Limited. Cleartone Group Limited is a company registered in England and Wales.
11 Other information
Cleartone Telecoms Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 15 Pontyfelin Industrial Estate
New Inn
Pontypool
Gwent
NP4 0DQ
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