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REGISTERED NUMBER: 10071033 (England and Wales)












Audited Financial Statements

for the Year Ended 30 June 2024

for

Satcom Global Aura Limited

Satcom Global Aura Limited (Registered number: 10071033)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Satcom Global Aura Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr I A Robinson
Mr R A Howes





SECRETARY: Mr R A Howes





REGISTERED OFFICE: Satcom Global
Tanners Bank
North Shields
Tyne and Wear
NE30 1JH





REGISTERED NUMBER: 10071033 (England and Wales)





AUDITORS: CLA Evelyn Partners Limited
17 Queens Lane
Newcastle
NE1 1RN

Satcom Global Aura Limited (Registered number: 10071033)

Balance Sheet
30 June 2024

2024 2023
as restated
Notes $    $   
FIXED ASSETS
Tangible assets 5 57,240 116,632

CURRENT ASSETS
Debtors: amounts falling due within one
year

6

8,676,575

5,506,947
Debtors: amounts falling due after more
than one year

6

2,875,729

3,315,466
Cash at bank - 94,283
11,552,304 8,916,696
CREDITORS
Amounts falling due within one year 7 (7,460,597 ) (7,110,751 )
NET CURRENT ASSETS 4,091,707 1,805,945
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,148,947

1,922,577

CAPITAL AND RESERVES
Called up share capital 3 3
Profit and loss account 4,148,944 1,922,574
SHAREHOLDERS' FUNDS 4,148,947 1,922,577

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





Mr R A Howes - Director


Satcom Global Aura Limited (Registered number: 10071033)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Satcom Global Aura 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 US Dollar ($).


Monetary amounts in these financial statements are rounded to the nearest $.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for 12 months from the date of approval of the financial statements. However, the directors are aware of certain material uncertainties which may cast significant doubt on the group's ability to continue as a going concern.

The Directors have assessed the going concern of the company as part of a Group wide assessment. The Group has cash at bank of $1,583,308 as at 29 June 2024 and funds its operations and working capital primarily through a loan facility provided by Santander. As at the year end, the loan facility was $20,731,000, and was classified as a current liability as the facility was due to expire on 27 December 2024. However, after the year end on 27 January 2025 the facility was refinanced for an additional two years for $19,731,000.

The Group's projections for the period to June 2026 (the review period) show that the Group is dependent upon achieving sales growth and increasing profitability in order to satisfy the financial conditions of the loan facility agreement dated 27 January 2025.

Further, the projections do not include any repayments of corporation tax which may be required as a result of the HMRC review taking place within another Group entity.

As a result of these matters there is a material uncertainty that may cast significant doubt upon the group's ability to continue as a going concern.

Management have implemented a sales development plan, and there are already forward orders for the new Starlink product which will help achieve some of this growth. Furthermore, in this scenario management consider that there are certain cost saving measures that are within their control, which could be implemented to manage cash flow.

Although it is not certain that these efforts will be successful, management has determined that the actions that it has taken are sufficient to mitigate the uncertainty and has therefore prepared the financial statements on a going concern basis.

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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Satcom Global Aura Limited (Registered number: 10071033)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

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 profit or loss.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 and 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.

Current and deferred tax assets and liabilities are not discounted.

Foreign currencies
Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Satcom Global Aura Limited (Registered number: 10071033)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
$   
COST
At 1 July 2023
and 30 June 2024 467,633
DEPRECIATION
At 1 July 2023 351,001
Charge for year 59,392
At 30 June 2024 410,393
NET BOOK VALUE
At 30 June 2024 57,240
At 30 June 2023 116,632

6. DEBTORS
2024 2023
as restated
$    $   
Amounts falling due within one year:
Trade debtors 989,357 836,493
Amounts owed by group undertakings 5,045,533 1,046,254
Amounts receivable in respect of finance
leases

2,616,609

3,624,200
Other debtors 25,076 -
8,676,575 5,506,947

Amounts falling due after more than one year:
Amounts receivable in respect of finance
leases

2,875,729

3,315,466

Aggregate amounts 11,552,304 8,822,413

Amounts receivable in respect of finance leases are recognised at the amount of the minimum lease payments receivable by the company and residual value both discounted at the rate of interest implicit in the lease.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
$    $   
Trade creditors 11,900 17,500
Amounts owed to group undertakings 6,162,983 5,974,591
Taxation and social security 603,041 226,041
Other creditors 682,673 892,619
7,460,597 7,110,751

Satcom Global Aura Limited (Registered number: 10071033)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
Included in debtors are amounts receivable under finance leases of $5.5m which represent the net investment in the lease including the unguaranteed residual value accruing to the company. We have been unable to obtain sufficient appropriate evidence to verify the unguaranteed residual value and consequently we were unable to determine whether any adjustment to this amount was necessary.

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 qualified opinion.

Craig Henderson (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

9. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

Satcom Global Aura Limited is an obligor under the terms of the Santander loan facility agreement in Satcom Global Limited.

10. POST BALANCE SHEET EVENTS

Subsequent to the year end, on 27 January 2025, the Group refinanced its borrowing facilities with Santander. The existing facility was refinanced for an additional two years for $19,731,000.

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Satcom Global Aura Holdings Ltd.

The company is under the control of the directors who own the majority of the issued share capital in Broadband Satellite Services Limited, the company that heads up the group.