REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
9 Berners Place |
London |
W1T 3AD |
HOLDING COMPANY: |
Telecomunicações, S.A. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of engineering related scientific and technical consulting activities. |
REVIEW OF BUSINESS |
The result for the financial position of the company are as shown in the annexed financial statement. |
The UK Economy |
In 2023/24, the UK economy demonstrated resilience amid challenging conditions, managing to avoid a technical recession. The EY ITEM Club forecast upgraded the UK's growth prospects to 0.2% for the year, a significant improvement from the previously expected contraction of -0.7%. This positive outlook was driven by better-than-anticipated GDP performance in late 2022 and the rapid easing of inflationary pressures, particularly due to falling wholesale energy prices. |
Inflation, while still high, began to decrease notably by the summer, dropping to 6.7% in August from higher levels earlier in the year. Despite this decline, core inflation remained a concern, suggesting that price pressures would persist but gradually ease over time. This economic environment led the Bank of England to consider easing its monetary policy towards the end of the year and into 2024. |
However, the economy experienced weak momentum overall, partly due to industrial actions and adverse weather conditions impacting economic activities. The labour market showed signs of strain with rising unemployment and falling vacancies, yet private sector wage growth remained robust despite these challenges. |
Overall, while 2023/24 was a year of marginal growth and cautious optimism for the UK economy, it set a foundation for potentially stronger performance in the following years, with projections for higher growth in 2024 and 2025. |
In 2023/24, the UK telecommunications sector saw several significant developments and faced various challenges, shaping its landscape and prospects. |
5G Expansion and Challenges |
The rollout of 5G continued to be a major focus, with efforts to expand coverage and improve service quality. However, questions remained about the economics and resilience of 5G networks, particularly in supporting large-scale IoT applications and maintaining reliability during power outages or extreme weather conditions. |
Mobile Services Growth |
Mobile services experienced growth in retail revenues, reaching £3.2 billion in Q1 2023. This growth was driven by an increase in average monthly retail revenue per subscriber and rising demand for advanced mobile services. |
Fixed Broadband and Voice Services |
There was a notable shift in fixed broadband services, with an increase in fibre-to-the-premises (FTTP) connections as consumers moved away from ADSL. Fixed voice services, however, saw a decline in both revenues and call volumes as more users adopted mobile and VoIP alternative. |
Market Consolidation |
The UK telecom market faced intense competition, prompting discussions around consolidation. Mergers and acquisitions (M&A) activity was anticipated to increase as companies sought to strengthen their market positions and achieve economies of scale. |
Regulatory Developments |
The UK government continued to push for enhanced telecom security through new regulations and a code of practice aimed at securing networks and services. These regulations included a tiered approach to oversight based on the scale and criticality of providers' networks. |
Technological and Strategic Trends |
The industry also focused on emerging technologies such as edge computing and the monetization of 5G services. Telecom companies aimed to balance pricing strategies with the need for significant investment in new infrastructure and services. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The company and its performance |
These highlights reflect a year of dynamic changes and strategic shifts within the UK telecommunications sector, driven by technological advancements, market competition, and regulatory pressures. |
Celfinet UK being mainly a service provider company, most of its revenue derives from engineering services provided by internal expert teams, complemented (when needed) by some outsourcing. |
Its projects are delivered in three different models: |
- Time and Materials where the engineering team is allocated exclusively to the customer and works under the customer instructions. |
- Deliverables where the customer contracts deliverable units and Celfinet will organize its team to reach the best efficiency model. |
- Milestone basis when software is delivered. |
Most of the company's cost structure are people related, being Celfinet UK associates, intercompany contractors such as Celfinet Portugal, but also some local contractor engineers (a very fractured sourcing). |
Its key customers are the main UK mobile operators: Vodafone UK, VMO2, Everything Everywhere (BT group) and Hutchinson 3UK. |
This year's performance cannot be directly compared with the previous year since Celfinet UK change its fiscal in 2023. Comparable numbers refer to an 18-month period. |
At an operating company level, the UK business revenue of £7,990,871decreased slightly versus the previous year. We could see a slight reduction on our customer investment levels as 5G entered a consolidation stage. |
We could also see a percentage reduction of gross margin as pricing pressured profitability down and business levels reduced compared to previous years. Overall net profit reached 8.94 %, which compares to 2023's 19.27% performance. |
Business is expected to return to a growth path as we focus on securing managed services contracts. |
As in previous years, the company continues to be very focused on reducing its days outstanding through a lean order to cash process and on improving its overall cash collection. |
FUTURE DEVELOPMENTS |
The company expects to maintain its highly successful relationship with its suppliers and the loyalty of its customers and hopes to continue its hitherto escalating growth pattern. |
DIRECTORS |
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows: |
FINANCIAL INSTRUMENTS |
The company's financial instruments include bank balances, trade creditors and inter-company financing. Day to day operations continue to be funded through cashflow and from reserves within the business. |
HOLDING COMPANY |
Celfinet - Consultoria em Telecomunicações, S.A is the holder of all the issued share capital of Celfinet Uk Telecommunication Consulting Services Ltd. |
RELATED PARTY TRANSACTIONS |
There were no related party transactions during the year for parties excluded by the exemption stated in the Accounting Policies. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
COMPANY POLICY ON PAYMENT OF CREDITORS |
The Company 's current policy concerning the payment of trade creditors is to: |
- Pay in accordance with the Company's contractual and other legal obligations. |
- Agree in specific cases payment terms with a supplier that reflect the particular nature of a client contract. |
- Ensure that regular suppliers are aware of our standard payment terms and that these are respected and acted upon. |
POST BALANCE SHEET EVENTS |
There were no significant events to report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are 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 auditors are aware of that information. |
AUDITORS |
The auditors, Mehta & Tengra, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD |
Opinion |
We have audited the financial statements of Celfinet Uk Telecommunications Consulting Services Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 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 profit 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. |
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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
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 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD |
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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director 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 the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD |
Auditors' 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 a Report of the Auditors 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: |
In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. |
- results of our enquiries of management about their own identification and assessment of the risks and |
irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and |
procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances |
of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or |
alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
As a result of these procedures, we considered the opportunities and incentives that may exist within the |
organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all |
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of |
management override. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, |
focusing on provisions of those laws and regulations that had a direct effect on the determination of material |
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context |
include the UK Companies Act, pension legislation and tax legislation. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our 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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
9 Berners Place |
London |
W1T 3AD |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
748,163 | 2,948,734 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
904,725 | 2,948,734 |
Interest payable and similar expenses | 5 | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Celfinet Uk Telecommunications Consulting Services Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue recognition |
Revenue is recognized based on the percentage of the completion of each project. |
Goods receipts are issued after consultation with the customer which will result in sales invoices raised subsequently. |
The unbilled revenue is reflected in prepayments and accrued income, and the associated cost of sales in accrued expenses. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax assets are only 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. |
If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is recognised when income or expenses from an associate have been recognised, and will be assessed for tax in a future period, except where: |
- it is probable that the timing difference will not reverse in the foreseeable future. |
A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised. |
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
With the exception of changes arising on the initial recognition of a business combination , the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax asset and deferred tax liabilities are offset only if: |
- the company has a legally enforceable right to set off current tax assets against current tax liabilities, and |
- the deferred tax asset and deferred tax liabilities relate to income taxes levied by the same taxation |
authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at the balance sheet date. Foreign exchange differences arising on translation are recognised in the income statement. Non- monetary assets and liabilities that are measured in terms of the historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. |
Long term monetary items are translated at the year end rate. |
The assets and liabilities of foreign operations arising on consolidation are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company also operates a defined contribution scheme for its staff under "auto enrolment" |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value,less impairment losses for bad and doubtful debts |
Trade and other creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as creditors falling due within one year if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as creditors falling due after one year. |
Trade creditors are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
Sales and administration |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Other interest |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
PERIOD |
1.1.22 |
YEAR ENDED | TO |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Over provision of Corporation tax | (26,981 | ) | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 321,022 | 420,960 |
Other creditors |
Accrued expenses |
9. | SECURED DEBTS |
Overdraft Facility of £9,000,000.00.Facilities due for review May 2024. |
Commercial Card facility of £10,000.00. |
CELFINET UK TELECOMMUNICATIONS |
CONSULTING SERVICES LTD (REGISTERED NUMBER: 08330196) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | 1 | 1 | 1 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
12. | PENSION COMMITMENTS |
The contribution for the period charged to the profit and loss account amounted to £53,268 (2023:£71,917). |
The amounts outstanding at the balance sheet date was £2,408 (2023:£61,289). |
13. | ULTIMATE PARENT COMPANY AND PARENT UNDERTAKING OF LARGER GROUP |
The company is a subsidiary of Celfinet - Consultoria em Telecomunicações, S.A which is a company incorporated in Portugal. |
The ultimate parent company is Cyient Ltd, a company incorporated in India. |
14. | RELATED PARTY TRANSACTIONS |
There were no related party transactions during the year for parties excluded by the exemption stated in the Accounting Policies. |