Telet Research (N.I.) Limited NI642439 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of a full mobile network operator in the UK, focused on delivering innovative 5G mobile services to improve mobile coverage and deliver fixed wireless access and improved mobile connectivity to under-served communities. Digita Accounts Production Advanced 6.30.9574.0 true true NI642439 2024-01-01 2024-12-31 NI642439 2024-12-31 NI642439 bus:CompanySecretaryDirector1 2024-12-31 NI642439 bus:Director2 2024-12-31 NI642439 bus:Director5 2024-12-31 NI642439 bus:Director6 2024-12-31 NI642439 bus:Director7 2024-12-31 NI642439 bus:OrdinaryShareClass1 2024-12-31 NI642439 bus:PreferenceShareClass1 2024-12-31 NI642439 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI642439 core:ShareCapital 2024-12-31 NI642439 core:SharePremium 2024-12-31 NI642439 core:CurrentFinancialInstruments 2024-12-31 NI642439 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 NI642439 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 NI642439 core:FurnitureFittingsToolsEquipment 2024-12-31 NI642439 core:OtherPropertyPlantEquipment 2024-12-31 NI642439 bus:SmallEntities 2024-01-01 2024-12-31 NI642439 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 NI642439 bus:FullAccounts 2024-01-01 2024-12-31 NI642439 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 NI642439 bus:RegisteredOffice 2024-01-01 2024-12-31 NI642439 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 NI642439 bus:Director2 2024-01-01 2024-12-31 NI642439 bus:Director3 2024-01-01 2024-12-31 NI642439 bus:Director4 2024-01-01 2024-12-31 NI642439 bus:Director5 2024-01-01 2024-12-31 NI642439 bus:Director6 2024-01-01 2024-12-31 NI642439 bus:Director7 2024-01-01 2024-12-31 NI642439 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 NI642439 bus:PreferenceShareClass1 2024-01-01 2024-12-31 NI642439 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI642439 bus:Agent1 2024-01-01 2024-12-31 NI642439 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 NI642439 core:ShareCapital 2024-01-01 2024-12-31 NI642439 core:SharePremium 2024-01-01 2024-12-31 NI642439 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 NI642439 core:OfficeEquipment 2024-01-01 2024-12-31 NI642439 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 NI642439 core:PlantMachinery 2024-01-01 2024-12-31 NI642439 core:UKTax 2024-01-01 2024-12-31 NI642439 1 2024-01-01 2024-12-31 NI642439 countries:NorthernIreland 2024-01-01 2024-12-31 NI642439 2023-12-31 NI642439 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI642439 core:ShareCapital 2023-12-31 NI642439 core:SharePremium 2023-12-31 NI642439 core:FurnitureFittingsToolsEquipment 2023-12-31 NI642439 core:OtherPropertyPlantEquipment 2023-12-31 NI642439 2023-01-01 2023-12-31 NI642439 2023-12-31 NI642439 bus:OrdinaryShareClass1 2023-12-31 NI642439 bus:PreferenceShareClass1 2023-12-31 NI642439 core:CurrentFinancialInstruments 2023-12-31 NI642439 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI642439 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI642439 core:FurnitureFittingsToolsEquipment 2023-12-31 NI642439 core:OtherPropertyPlantEquipment 2023-12-31 NI642439 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI642439 core:ShareCapital 2023-01-01 2023-12-31 NI642439 core:SharePremium 2023-01-01 2023-12-31 NI642439 core:UKTax 2023-01-01 2023-12-31 NI642439 2022-12-31 NI642439 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI642439 core:ShareCapital 2022-12-31 NI642439 core:SharePremium 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI642439

Telet Research (N.I.) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Telet Research (N.I.) Limited

Contents

Company Information

1

Directors' Report

2

Income Statement

3

Statement of Financial Position

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 13

Accountants' Report

14

Detailed Income statement

15 to 16

 

Telet Research (N.I.) Limited

Company Information

Directors

M Ford

J E Body

P J Gradwell

Company secretary

M Ford

Registered office

Forsyth House
Cromac Square
Belfast
Antrim
BT2 8LA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Telet Research (N.I.) Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company is that of a full mobile network operator in the UK, focused on delivering innovative 5G mobile services to improve mobile coverage and deliver fixed wireless access and improved mobile connectivity to under-served communities.

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

M Ford - Company secretary and director (appointed 30 October 2024)

A J R Smith (resigned 30 October 2024)

J E Body

P J Gradwell

R Waluschnig (resigned 30 January 2025)

S I Ljungqvist (appointed 12 April 2024 and resigned 19 March 2025)

D M Jones (appointed 16 December 2024 and resigned 25 April 2025)

Going concern

The directors have considered the financial projections and the budget for the company over the foreseeable future. Following a restructure, the directors have a reasonable expectation that the company will have sufficient resources to continue operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Events after the financial period
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Directors' liabilities

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 17 June 2025 and signed on its behalf by:
 

.........................................
J E Body
Director

 

Telet Research (N.I.) Limited

Income Statement
for the Year Ended 31 December 2024

Note

2024
£

2023
£

Revenue

2,642,428

1,473,900

Cost of sales

 

(1,145,189)

(586,824)

Gross profit

 

1,497,239

887,076

Administrative expenses

 

(1,813,688)

(1,348,662)

Other operating income

 

115,699

130,541

Operating loss

 

(200,750)

(331,045)

Other interest receivable and similar income

 

2,495

797

Interest payable and similar expenses

 

(3,962)

(615)

Loss before tax

(202,217)

(330,863)

Tax on loss

4

-

-

Loss for the financial period

 

(202,217)

(330,863)

 

Telet Research (N.I.) Limited

(Registration number: NI642439)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

5

351,203

5,356

Current assets

 

Receivables

6

1,289,826

642,522

Cash at bank and in hand

7

220,244

48,554

1,510,070

691,076

Payables: Amounts falling due within one year

8

(1,339,305)

(517,410)

Net current assets

 

170,765

173,666

Total assets less current liabilities

 

521,968

179,022

Payables: Amounts falling due after more than one year

8

-

(4,837)

Net assets

 

521,968

174,185

Equity

 

Called up share capital

10

435

366

Share premium reserve

2,270,104

1,720,173

Retained earnings

(1,748,571)

(1,546,354)

Shareholders' funds

 

521,968

174,185

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Section 1A of FRS 102 - small entities.

 

Telet Research (N.I.) Limited

(Registration number: NI642439)
Statement of Financial Position as at 31 December 2024 (continued)

The financial statements of Telet Research (N.I.) Limited were approved and authorised for issue by the Board on 17 June 2025 and signed on its behalf by:
 

.........................................

J E Body
Director

 

Telet Research (N.I.) Limited

Statement of Changes in Equity
for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2024

366

1,720,173

(1,546,354)

174,185

Loss for the year

-

-

(202,217)

(202,217)

New share capital subscribed

69

549,931

-

550,000

At 31 December 2024

435

2,270,104

(1,748,571)

521,968

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

330

1,358,109

(1,215,491)

142,948

Loss for the year

-

-

(330,863)

(330,863)

New share capital subscribed

36

362,064

-

362,100

At 31 December 2023

366

1,720,173

(1,546,354)

174,185

 

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

1

General information

Telet Research (N.I.) Limited (the 'company') is a private company limited by share capital, registered in Northern Ireland under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors have considered the financial projections and the budget for the company over the foreseeable future. Following a restructure, the directors have a reasonable expectation that the company will have sufficient resources to continue operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

The company recognises revenue when: the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits and are subject to an insignificant risk of change in value.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

 

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the schemes are held
separately from those of the company. Contributions are recognised in the income statement in the
period in which they become payable.

Share based payments

The company operates an EMI scheme in which shares in the company are granted to certain qualifying employees following certain predetermined conditions being met.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the shares are granted, with the expense being realised in the Income Statement.

 

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, were 19 (2023 - 19).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

-

-

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 19% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(202,217)

(330,863)

Corporation tax at standard rate

(38,421)

(62,864)

Effect of expense not deductible in determining taxable profit (tax loss)

-

64

Effect of tax losses

38,421

61,907

Tax increase from effect of capital allowances and depreciation

-

893

Total tax charge/(credit)

-

-

 

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

5

Property, plant and equipment

Office equipment
£

Plant and machinery
£

Total
£

Cost

At 1 January 2024

19,795

8,651

28,446

Additions

3,320

358,912

362,232

At 31 December 2024

23,115

367,563

390,678

Depreciation

At 1 January 2024

15,936

7,154

23,090

Charge for the year

2,924

13,461

16,385

At 31 December 2024

18,860

20,615

39,475

Carrying amount

At 31 December 2024

4,255

346,948

351,203

At 31 December 2023

3,859

1,497

5,356

6

Receivables

2024
£

2023
£

Trade receivables

213,706

-

Other receivables

33,940

13,226

Prepayments

472,150

16,653

Accrued income

570,030

612,643

1,289,826

642,522

7

Cash and cash equivalent

2024
£

2023
£

Cash at bank

220,244

48,554

 

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

8

Payables

Payables: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

2,837

-

Trade payables

1,190,190

419,591

Social security and other taxes

100,620

65,238

Outstanding defined contribution pension costs

7,374

5,198

Director's current account

3,804

5,749

Accruals

34,480

21,634

1,339,305

517,410

Payables: amounts falling due after more than one year

Loans and borrowings

-

4,837

9

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £43,083 (2023 - £35,904).Contributions totalling £7,374 (2023 - £5,198) were payable to the scheme at the end of the year and are included in creditors.

10

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

23,086

230.86

23,086

230.86

Preferred of £0.01 each

20,390

203.90

13,515

135.15

43,476

434.76

36,601

366.01

 

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

10

Share capital and reserves (continued)

Rights, preferences and restrictions
The ordinary shares of £0.01 each rank pari passu in all respects carrying full voting rights, full entitlement to a dividend and rights to participate in any capital distribution (including winding up). They do not confer any rights of redemption.

The preferred £0.01 shares rank pari passu in all respects carrying full voting rights, full entitlement to a dividend and rights to participate in any capital distribution (including winding up). They do not confer any rights of redemption but confer conversion rights into ordinary shares.

New shares allotted
During the year 6,875 Preference shares of £0.01 each having an aggregate nominal value of £68.75 were allotted for an aggregate consideration of £550,000.

Reserves

The retained earnings reserve represents cumulative profits or losses net of dividends paid and other adjustments.

The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company’s non-distributable reserves.

11

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Telet Research (N.I.) Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Telet Research (N.I.) Limited for the year ended 31 December 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising firm of accountants, we are subject to ethical and other professional requirements.

This report is made solely to the Board of Directors of Telet Research (N.I.) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Telet Research (N.I.) Limited and state those matters that we have agreed to state to the Board of Directors of Telet Research (N.I.) Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Telet Research (N.I.) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Telet Research (N.I.) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Telet Research (N.I.) Limited. You consider that Telet Research (N.I.) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Telet Research (N.I.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
For and on behalf of
Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

17 June 2025

 

Telet Research (N.I.) Limited

Detailed Income statement
for the Year Ended 31 December 2024

2024
£

2023
£

Revenue

Sale of goods and services

96,796

85,283

Grants receivable

2,545,632

2,966,504

Less: Partner share of grants received

-

(1,577,887)

2,642,428

1,473,900

Cost of sales

Purchases

988,561

192,212

Direct costs

42,906

195,799

Subcontract cost

113,722

198,813

1,145,189

586,824

Administrative expenses

1,813,688

1,348,662

Other operating income

Research and Development expenditure credit

115,699

130,541

Operating loss

(200,750)

(331,045)

Other interest receivable and similar income

Bank interest receivable

2,495

797

Interest payable and similar expenses

Bank interest payable

2,638

1,212

Foreign currency losses

1,324

(597)

3,962

615

Net finance (cost)/income

(1,467)

182

Loss before tax

(202,217)

(330,863)

 

Telet Research (N.I.) Limited

Detailed Income statement
for the Year Ended 31 December 2024 (continued)

2024
£

2023
£

   

Administrative expenses

Salaries

943,229

579,086

Staff social security costs

173,098

116,667

Directors' remuneration

278,155

279,529

Staff pensions (Defined contribution)

43,083

35,904

Private health insurance

7,868

6,284

Recruitment costs

28,001

19,850

Rent

27,703

21,210

Rates

9,402

-

Insurance

8,846

7,245

Telephone

30

101

Office expenses

9,001

-

Computer software and maintenance costs

472

3,178

Printing, postage and stationery

859

289

Trade subscriptions

26,798

20,913

Travel and subsistence

55,789

31,082

Advertising and promotional expenses

15,420

27,046

Client entertainment

-

54

Staff entertaining

-

282

Accountancy fees

6,579

6,510

Consultancy fees

130,517

161,539

Legal and professional fees

30,963

25,913

Bank charges

1,491

1,278

Depreciation of fixtures and fittings

16,384

4,452

Loss on disposal of tangible fixed assets

-

250

(1,813,688)

(1,348,662)