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REGISTERED NUMBER: 02668468 (England and Wales)
















MI TELECOM LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MI TELECOM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: P.L. Healey
R.R. Gardner
D. Gardner





REGISTERED OFFICE: 14 Hemmells
Laindon
Basildon
Essex
SS15 6ED





REGISTERED NUMBER: 02668468 (England and Wales)





INDEPENDENT AUDITORS: CR Bland Baker Limited
Chartered Accountants and
Statutory Auditor
21 Lodge Lane
Grays
Essex
RM17 5RY

MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 184,919 10,257

CURRENT ASSETS
Debtors 5 812,300 556,326
Cash at bank 98,332 343,577
910,632 899,903
CREDITORS
Amounts falling due within one year 6 747,623 787,977
NET CURRENT ASSETS 163,009 111,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,928

122,183

CREDITORS
Amounts falling due after more than one
year

7

(184,840

)

(147,974

)

PROVISIONS FOR LIABILITIES (43,700 ) -
NET ASSETS/(LIABILITIES) 119,388 (25,791 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 119,288 (25,891 )
119,388 (25,791 )

MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





P.L. Healey - Director


MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Mi Telecom Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 107,774
Additions 193,253
At 30 April 2024 301,027
DEPRECIATION
At 1 May 2023 97,517
Charge for year 18,591
At 30 April 2024 116,108
NET BOOK VALUE
At 30 April 2024 184,919
At 30 April 2023 10,257

MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 190,100
At 30 April 2024 190,100
DEPRECIATION
Charge for year 11,898
At 30 April 2024 11,898
NET BOOK VALUE
At 30 April 2024 178,202

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 570,990 341,478
Amounts owed by group undertakings 34,596 34,596
Other debtors 206,714 180,252
812,300 556,326

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 96,149 86,949
Hire purchase contracts (see note 8) 47,412 -
Trade creditors 244,317 380,910
Amounts owed to group undertakings 171,106 171,106
Taxation and social security 91,231 77,970
Other creditors 97,408 71,042
747,623 787,977

MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 51,825 147,974
Hire purchase contracts (see note 8) 133,015 -
184,840 147,974

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 58,977 -
Between one and five years 165,443 -
224,420 -

Finance charges repayable:
Within one year 11,565 -
Between one and five years 32,428 -
43,993 -

Net obligations repayable:
Within one year 47,412 -
Between one and five years 133,015 -
180,427 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 180,427 -

The hire purchase creditors are secured on the individual assets acquired under them.

MI TELECOM LIMITED (REGISTERED NUMBER: 02668468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven James Garrod FCA (Senior Statutory Auditor)
for and on behalf of CR Bland Baker Limited

11. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking of this company as at the year ended 30 April 2024 was Vertical Group Limited which is incorporated in England and registered in England and Wales.

The immediate parent undertaking and controlling party of this company is Notsallow 134 Limited which is incorporated in England and registered in England and Wales. The largest and smallest group of undertakings which include this company and for which consolidated accounts have been drawn up is that headed by Vertical Group Limited. The address where these accounts can be found is also the registered address of the parent company: 14 Hemmells, Laindon, Basildon, SS15 6ED.

The ultimate controlling party is P.L. Healey.