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REGISTERED NUMBER: 02893478 (England and Wales)









STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TELIGENT LIMITED

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


TELIGENT LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2024







DIRECTORS: D Aggarwal
A Aggarwal



REGISTERED OFFICE: 2 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4AQ



REGISTERED NUMBER: 02893478 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Croasdale BSc (Hons) FCA



AUDITORS: Whitehead & Howarth
Statutory Auditors
327 Clifton Drive South
Lytham St Annes
Lancashire
FY8 1HN

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

STRATEGIC REPORT
for the Year Ended 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company operations are providing telecommunication software & setting up tower infrastructure encompassing design, site acquisition, tower construction and operational readiness for operators. The Altuist Group is the major holding company and distributes overseas with subsidiaries Telecom Teligent AB in Sweden being the companies direct parent.

The company's key financial and other performance indicators during the year were as follows:
2024 2023 2022

Turnover

£25,142,876

£18,212,080

£10,965,420

Gross profit

£3,930,388

£3,900,725

£933,611

Gross profit margin

15.6%

21.4%

8.5%

The directors consider the software side of the operations will remain consistent, the company acquired the Infra business from Daly International in February 2022. Upon acquiring the business, the company faced several challenges, as the previous promoters lacked funds and suppliers withdrew their support. However, with Teligent Limited's involvement and being a subsidiary of the Altruist Group, the Group funded all operational requirements, reestablished supplier relations, and restored operations. Since then, the Infra business has been growing steadily, generating £8million in revenue during 2022, in addition to the software business. Notably, this revenue was achieved while the Infra business was operating below 50% capacity during the initial four months after the acquisition.The company has recently started working with major phone operators as the Altruist Group have a longstanding relationship with these operators and provide services to them worldwide.The directors also anticipate that existing customers will continue to place orders as the number of 5G sites expands.

In 2023, company revenues exceeded £18million. This achievement was underpinned by a substantial improvement in gross profit margins, which rose from 8.5% to 21.4%. Notably, this performance marked a significant turnaround from the previous year's losses, shifting from a £2.7million deficit in 2022 to a profit of £543,933 in 2023.

In 2024, Teligent maintained momentum following a successful 2023. The company continued to deliver both software and infrastructure services, with notable business activity from Q1 through Q3. Although Q4 experienced a temporary slowdown across the industry-attributable to the uncertainty surrounding the proposed Vodafone and Three merger-Teligent maintained its operational resilience and client engagement. Management maintained its focus on enhancing profitability and consolidating operational strengths.

Market & Strategic position:
The telecommunications infrastructure market saw continued demand, though macro developments such as the Vodafone-Three merger impacted budget allocations and strategic decisions among network operators. The merger, which received initial CMA approval in late December 2024, is expected to reshape the UK telecom landscape significantly.
Teligent views this as a strategic opportunity. The directors remain optimistic that once the merger is finalised in 2025, the industry will stabilise and return to a growth trajectory-positioning Teligent to benefit from increased demand and investment.

Outlook:
Despite a slower start to 2025 due to merger-related market hesitation, Teligent expects to see growth accelerate as the market adjusts. With support from the Altruist Group and its strong telecom heritage, the company is proactively securing new contracts with operators, vendors, and portfolio managers. The company is confident in significantly improving its balance sheet and achieving overall profitability for fiscal year 2025.


TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

STRATEGIC REPORT
for the Year Ended 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's activities expose it to a number of financial risks including credit risk, interest rate risk and liquidity risk.

The company's principal financial instruments comprise bank balances, invoice discounting arrangements, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the company's operations.

Objectives and policies
The principal risks and uncertainties to which the company is subject are:

- People
- Macro economic environment
- Competition

People - The resignation of key individuals and the inability to recruit talented people could adversely affect the company results. The risk is mitigated by succession planning, training of staff and by implementing appropriate pay structures.

Macro economic environment - Telecommunication infrastructure activity is largely driven by economic cycles and the levels of business confidence.

Competition - The degree of competition varies by region and by sector. The group's risk is spread by the diversity of the sectors in which it operates.

Position of the business
At the end of the period, the company had negative shareholder funds of £264,828 (2023 - £638,354 -ve).

Price risk, credit risk, liquidity risk and cash flow risk
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of invoice discounting arrangements at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Loans are comprised entirely of loans from intergroup companies, with variable rates of interest. The business manages the liquidity risk by ensuring that there are sufficient funds to meet any repayments that are due.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet any repayments that are

The directors acknowledge that success in this sector depends on timely execution, strategic pricing, and effective risk management. Market dynamics-including mergers, regulatory approvals, and operator budget cycles-can introduce uncertainty. However, the company mitigates these risks through a diversified client base, proactive engagement, and ongoing support from the Altruist Group.


TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

STRATEGIC REPORT
for the Year Ended 31 DECEMBER 2024

FUTURE DEVELOPMENTS
As for many businesses of our size, the environment in which the company operates continues to be challenging. The industry is subject to constraints on spending partly brought about by uncertainty in the European economy and partly by other factors. With these risks and uncertainties in mind, the directors are aware that any plans for future development of the company may be subject to unforeseen future events outside of their control. Nevertheless, the directors consider that the company is well placed to sustain the current level of activity in the foreseeable future.

ON BEHALF OF THE BOARD:





A Aggarwal - Director


26 May 2025

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

REPORT OF THE DIRECTORS
for the Year Ended 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

RESEARCH AND DEVELOPMENT
As part of its strategic vision to enhance operational efficiency and future-proof its service delivery, Teligent has initiated a focused R&D drive to automate several internal processes. Leveraging Robotic Process Automation (RPA), Artificial Intelligence (AI), and other advanced automation technologies, the company is targeting a range of backend functions-including project tracking, reporting, invoicing workflows, and data validation-to reduce manual effort, minimise errors, and accelerate turnaround times.

Pilot programs launched in late 2024 have already yielded promising results in terms of cost savings and time efficiency. In 2025, Teligent aims to expand these automation efforts across departments, embedding smart tools and data-driven insights into day-to-day operations. These initiatives form a core part of Teligent's commitment to innovation and continuous improvement, ensuring scalability and resilience as the telecom landscape evolves.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D Aggarwal
A Aggarwal

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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.

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

REPORT OF THE DIRECTORS
for the Year Ended 31 DECEMBER 2024


AUDITORS
The auditors, Whitehead & Howarth, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Aggarwal - Director


26 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TELIGENT LIMITED

Opinion
We have audited the financial statements of Teligent Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 December 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TELIGENT LIMITED


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 Strategic Report or the Report of the Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In our assessment of the financial statements and their susceptibility to material misstatement and how fraud may occur we have considered the nature of the industry and sector the client operates in and the control environment and remuneration policies for key management. Communication with management and review of documentation is performed and discussions among the audit team takes place to identify and review the areas offering the greatest potential for fraud or error such as the timing of recognition of commercial income, complex transactions or unusual journal entries.

We have obtained an understanding of the legal and regulatory framework that the company operates in and focus on those laws or regulations which are considered central to the entity and the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety and tax legislation.

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
TELIGENT LIMITED


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.




Mark Croasdale BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Whitehead & Howarth
Statutory Auditors
327 Clifton Drive South
Lytham St Annes
Lancashire
FY8 1HN

26 May 2025

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

STATEMENT OF COMPREHENSIVE INCOME
for the Year Ended 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   

TURNOVER 25,142,876 18,212,080

Cost of sales 21,212,488 14,311,355
GROSS PROFIT 3,930,388 3,900,725

Distribution costs 76,447 76,479
Administrative expenses 3,542,034 3,265,576
3,618,481 3,342,055
311,907 558,670

Other operating income 187,113 -
OPERATING PROFIT 4 499,020 558,670

Interest receivable and similar income 7,557 9,704
506,577 568,374

Interest payable and similar expenses 5 141,942 143,372
PROFIT BEFORE TAXATION 364,635 425,002

Tax on profit 6 (8,891 ) (118,931 )
PROFIT FOR THE FINANCIAL YEAR 373,526 543,933

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

373,526

543,933

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 10,407 58,028

CURRENT ASSETS
Stocks 8 89,174 174,560
Debtors 9 4,782,155 3,175,539
Cash at bank 1,042,622 2,074,873
5,913,951 5,424,972
CREDITORS
Amounts falling due within one year 10 2,173,269 2,004,685
NET CURRENT ASSETS 3,740,682 3,420,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,751,089

3,478,315

CREDITORS
Amounts falling due after more than one
year

11

(4,015,917

)

(4,111,561

)

PROVISIONS FOR LIABILITIES 13 - (5,108 )
NET LIABILITIES (264,828 ) (638,354 )

CAPITAL AND RESERVES
Called up share capital 14 208,000 208,000
Retained earnings 15 (472,828 ) (846,354 )
SHAREHOLDERS' FUNDS (264,828 ) (638,354 )

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2025 and were signed on its behalf by:





A Aggarwal - Director


TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 208,000 (1,390,287 ) (1,182,287 )

Changes in equity
Total comprehensive income - 543,933 543,933
Balance at 31 December 2023 208,000 (846,354 ) (638,354 )

Changes in equity
Total comprehensive income - 373,526 373,526
Balance at 31 December 2024 208,000 (472,828 ) (264,828 )

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

CASH FLOW STATEMENT
for the Year Ended 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (802,222 ) 798,648
Interest paid (141,942 ) (143,372 )
Tax paid - 111,742
Net cash from operating activities (944,164 ) 767,018

Cash flows from investing activities
Purchase of tangible fixed assets - (9,541 )
Interest received 7,557 9,704
Net cash from investing activities 7,557 163

Cash flows from financing activities
Group loan movement (95,644 ) (231,988 )
Net cash from financing activities (95,644 ) (231,988 )

(Decrease)/increase in cash and cash equivalents (1,032,251 ) 535,193
Cash and cash equivalents at beginning of
year

2

2,074,873

1,539,680

Cash and cash equivalents at end of year 2 1,042,622 2,074,873

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 DECEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 364,635 425,002
Depreciation charges 47,621 54,217
Finance costs 141,942 143,372
Finance income (7,557 ) (9,704 )
546,641 612,887
Decrease in stocks 85,386 482,785
Increase in trade and other debtors (1,602,833 ) (701,951 )
Increase in trade and other creditors 168,584 404,927
Cash generated from operations (802,222 ) 798,648

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,042,622 2,074,873
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,074,873 1,539,680


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 2,074,873 (1,032,251 ) 1,042,622
2,074,873 (1,032,251 ) 1,042,622
Total 2,074,873 (1,032,251 ) 1,042,622

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2024

1. STATUTORY INFORMATION

Teligent 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As a result of trading losses, shareholders' funds currently report a negative balance of £264,828. Thanks to the ongoing backing of the Altruist Group and the operational successes recorded, the directors are confident in the company's ability to continue operating as a going concern. This belief is further supported by a robust pipeline of opportunities in 2025. The directors remain committed to driving the company's growth, improving operational efficiencies, and maintaining strong client relationships across its software and infrastructure offerings.The company is dependent, in the absence of other funding on the continued financial support of it's parent companies, they have confirmed their commitment to provide the necessary support and the directors consider it is appropriate to prepare the financial statements on a going concern basis which assumes the company will continue in operational existence for the foreseeable future.

Judgements and estimation uncertainty
The preparation of the financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimate and assumptions, and judgements are provided below.

Work in progress - The company has recognised work in progress on apportioning costs over the purchase order, the % of job completion is an estimate on review of the data available and knowledge of the client work.

Accrued income - The company has recognised accrued income by considering build costs, the stage of completion a project has reached and what is due to be invoiced by contractors on each project.

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

Project sales are recognised on an invoiced basis.
Maintenance income is included in the accounts in the period to which it relates.
All other income is included in the accounts on an invoiced basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Stock inventories
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Cost comprises of average invoice cost exclusive of VAT, together with freight & carriage costs. Net realisable value comprises of actual or estimated selling price less all further costs to completion or to be incurred in marketing, selling and distribution.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Functional and presentation currency
Items included in the financial statements are presented in 'Sterling £GBP, the currency of the primary economic environment in which the entity operates (the 'functional currency').

Transactions and balances
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at a contracted rate. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date or the contracted rate. Non-monetary items that are measured at historical cost are translated at the foreign exchange rate ruling at the date of the transaction. Non-monetary items measured at fair value are translated at the rate of exchange at the date of the valuation. All differences are taken to the profit and loss account as part of the fair value gain or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2024

3. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 4,188,381 4,338,874
Social security costs 481,633 465,000
Other pension costs 205,908 222,086
4,875,922 5,025,960

The average number of employees during the year was as follows:
31.12.24 31.12.23

Engineers 56 62
Administration 23 25
Management 3 3
82 90

31.12.24 31.12.23
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£    £   
Other operating leases 336,736 303,495
Depreciation - owned assets 47,621 54,218
Auditors' remuneration 6,450 9,850

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Loan interest 141,942 143,372

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
Tax under/over provision - (111,742 )

Deferred tax (8,891 ) (7,189 )
Tax on profit (8,891 ) (118,931 )

UK corporation tax has been charged at 25% (2023 - 19%).

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2024

6. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 364,635 425,002
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

91,159

80,750

Effects of:
Expenses not deductible for tax purposes 919 665
Utilisation of tax losses (102,581 ) (88,604 )
Adjustments to tax charge in respect of previous periods - (4,473 )
Research & development in respect of previous periods - (107,269 )
Deferred tax 1,612 -
Total tax credit (8,891 ) (118,931 )

7. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 76,950 282,326 359,276
DEPRECIATION
At 1 January 2024 52,371 248,877 301,248
Charge for year 21,665 25,956 47,621
At 31 December 2024 74,036 274,833 348,869
NET BOOK VALUE
At 31 December 2024 2,914 7,493 10,407
At 31 December 2023 24,579 33,449 58,028

8. STOCKS
31.12.24 31.12.23
£    £   
Stocks 61,444 92,918
Work-in-progress 27,730 81,642
89,174 174,560

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2024

9. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 2,435,724 1,348,447
Deferred tax asset 3,783 -
Prepayments 2,291,273 1,664,766
4,730,780 3,013,213

Amounts falling due after more than one year:
Other debtors 51,375 162,326

Aggregate amounts 4,782,155 3,175,539

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 1,378,629 1,228,807
Social security and other taxes 98,073 52,967
VAT 302,288 402,402
Other creditors 86,254 94,623
Accruals and deferred income 308,025 225,886
2,173,269 2,004,685

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Amounts owed to group undertakings 4,015,917 4,111,561

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Between one and five years 377,842 382,104

13. PROVISIONS FOR LIABILITIES
31.12.23
£   
Deferred tax 5,108

Deferred
tax
£   
Balance at 1 January 2024 5,108
Credit to Statement of Comprehensive Income during year (8,891 )
Balance at 31 December 2024 (3,783 )

TELIGENT LIMITED (REGISTERED NUMBER: 02893478)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2024

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
208,000 Ordinary £1 208,000 208,000

15. RESERVES
Retained
earnings
£   

At 1 January 2024 (846,354 )
Profit for the year 373,526
At 31 December 2024 (472,828 )

16. CONTROL OF THE COMPANY

The company was controlled 100% during the year by its parent company, Teligent Telecom AB, a company registered in Sweden. Teligent Telecom AB is 100% controlled by Altruist Technologies Private Limited, a company registered in India.