Company registration number 03403640 (England and Wales)
TELECOM EYE LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 JULY 2024
PAGES FOR FILING WITH REGISTRAR
TELECOM EYE LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TELECOM EYE LTD.
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
251
385
Current assets
Stocks
7,450
13,110
Debtors
4
99,871
133,948
Cash at bank and in hand
450,542
404,965
557,863
552,023
Creditors: amounts falling due within one year
5
(177,023)
(195,902)
Net current assets
380,840
356,121
Net assets
381,091
356,506
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
381,090
356,505
Total equity
381,091
356,506
For the financial year ended 28 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 7 April 2025
Mr S A Cheney
Director
Company registration number 03403640 (England and Wales)
TELECOM EYE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 JULY 2024
- 2 -
1
Accounting policies
Company information
Telecom Eye Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for services provided net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Storage facilities
15% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
35% reducing balance
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.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TELECOM EYE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
TELECOM EYE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 JULY 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 July 2023 and 28 July 2024
11,964
Depreciation and impairment
At 29 July 2023
11,578
Depreciation charged in the year
135
At 28 July 2024
11,713
Carrying amount
At 28 July 2024
251
At 28 July 2023
385
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
82,377
116,454
Other debtors
17,494
17,494
99,871
133,948
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
623
Taxation and social security
41,580
25,729
Other creditors
134,820
170,173
177,023
195,902
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1